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    Guardant Health Reports First Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

    4/30/25 4:05:00 PM ET
    $GH
    Medical Specialities
    Health Care
    Get the next $GH alert in real time by email

    Revenue growth of 21% broadly driven by strong performance across oncology, screening, and biopharma & data

    Raises 2025 revenue guidance to $880 to $890 million, representing growth of 19% to 20%

    Guardant Health, Inc. (NASDAQ:GH), a leading precision oncology company, today reported financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    For the three-month period ended March 31, 2025, as compared to the same period of 2024:

    • Reported total revenue of $203.5 million, an increase of 21%, driven by:
      • Oncology revenue of $150.6 million, an increase of 20%, and approximately 59,000 oncology tests, an increase of 25%
      • Screening revenue of $5.7 million, and approximately 9,000 Shield screening tests
      • Biopharma & Data revenue of $45.4 million, an increase of 21%
    • Increased Guardant360 ASP to a new range of $3,000 to $3,100 per test
    • Achieved positive gross margins for both Guardant Reveal and Shield

    Recent Operating Highlights

    • Received ADLT status from CMS for Shield, increasing the Medicare pricing to $1,495
    • Received first Shield payor coverage for average-risk individuals age 45 and older from the VA Community Care Network, representing over 9 million beneficiaries
    • Presented Shield multi-cancer data across ten cancer types at AACR 2025, demonstrating 60% overall sensitivity, 98.5% specificity, and 89% accuracy for cancer site of origin prediction
    • Launched upgraded Guardant360 Tissue, representing the first broad multiomic tissue CGP test to incorporate DNA, RNA, AI-powered PD-L1, and genome-wide methylation
    • Announced a multi-year global collaboration with Pfizer to support development and commercialization of new cancer therapies utilizing the Infinity smart liquid biopsy platform
    • Announced first publication of Reveal breast cancer data in Clinical Cancer Research demonstrating 83% sensitivity and 99.5% specificity for triple-negative breast cancer patients

    "We started the year with very strong momentum across our portfolio, fueled by ground-breaking product upgrades and new tests introduced in 2024 which leverage our smart liquid biopsy platform," said Helmy Eltoukhy, co-founder and co-CEO. "Earlier this week, we were excited to launch our upgraded Guardant360 Tissue, a first-of-its-kind multiomic CGP product with expanded genomic and epigenomic breadth that complements our industry-leading Guardant360 liquid products. We are also very pleased to achieve positive gross margins for both Reveal and Shield in the first quarter due to significant reductions in testing costs."

    "We were pleased by the robust traction for Shield during the first quarter and are excited by the positive impact we are having on patient lives," said AmirAli Talasaz, co-founder and co-CEO. "We meaningfully raised our full year screening revenue guidance given our increased expectations for both salesforce productivity and ASP now that Shield has received ADLT status. In addition, we were excited to share strong data for Shield multi-cancer in partnership with the National Cancer Institute, which we believe establishes Guardant as a leader in the field of multi-cancer detection."

    First Quarter 2025 Financial Results

    Revenue was $203.5 million for the first quarter of 2025, a 21% increase from $168.5 million for the corresponding prior year period. Oncology revenue grew 20% to $150.6 million for the first quarter of 2025, from $125.7 million for the corresponding prior year period, driven primarily by an increase in oncology test volume, which grew 25% over the prior year period. The increase in oncology revenue was also attributable to an increase in reimbursement for our Guardant360 and Reveal tests, partially offset by a reduction in revenue related to performance obligations satisfied in prior periods. Screening revenue was $5.7 million for the first quarter of 2025, generated from approximately 9,000 Shield screening tests. Biopharma and data revenue grew 21% to $45.4 million for the first quarter of 2025, from $37.6 million for the corresponding prior year period, driven primarily by an increase in tests performed for biopharmaceutical customers. Licensing and other revenue was $1.9 million for the first quarter of 2025, compared to $5.2 million for the corresponding prior year period.

    Gross profit, or total revenue less cost of revenue, was $128.7 million for the first quarter of 2025, an increase of $25.6 million from $103.2 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 63%, as compared to 61% for the corresponding prior year period.

    Non-GAAP gross profit was $131.3 million for the first quarter of 2025, an increase of $26.0 million, from $105.3 million for the corresponding prior year period. Non-GAAP gross margin was 65% for the first quarter of 2025, as compared to 63% for the corresponding prior year period.

    Operating expenses were $239.8 million for the first quarter of 2025, as compared to $202.9 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial team expansion and marketing activities to support existing products and the Shield product launch, as well as an increase in stock-based compensation expense. Non-GAAP operating expenses were $199.6 million for the first quarter of 2025, as compared to $176.5 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial team expansion and marketing activities to support existing products and the Shield product launch.

    Net loss was $95.2 million for the first quarter of 2025, as compared to $115.0 million for the corresponding prior year period. Net loss per share was $0.77 for the first quarter of 2025, as compared to $0.94 for the corresponding prior year period.

    Non-GAAP net loss was $61.1 million for the first quarter of 2025, as compared to $56.4 million for the corresponding prior year period. Non-GAAP net loss per share was $0.49 for the first quarter of 2025, as compared to $0.46 for the corresponding prior year period.

    Adjusted EBITDA loss was $58.5 million for the first quarter of 2025, as compared to a $61.1 million loss for the corresponding prior year period.

    Free cash flow for the first quarter of 2025 was $(67.1) million, as compared to $(37.2) million for the corresponding prior year period. The year-over-year difference was due to a change in timing of the payout of the company's annual bonus, which was made in the first quarter of 2025 and in the second quarter of 2024.

    Cash, cash equivalents, and restricted cash were $803.9 million as of March 31, 2025.

    2025 Guidance

    Guardant Health now expects full year 2025 revenue to be in the range of $880 to $890 million, representing growth of 19% to 20% compared to full year 2024. This compares to the prior range of $850 to $860 million, representing growth of 15% to 16%.

    Within this revenue range:

    • Oncology revenue is now expected to grow approximately 18% year over year in 2025, compared to prior guidance of approximately 15% year over year growth. Oncology volume is now expected to accelerate to greater than 25% growth in 2025 compared to 20% growth in 2024.
    • Screening revenue is now expected to be in the range of $40 to $45 million, driven by Shield volume of 52,000 to 58,000 tests. This compares to the prior range of $25 to $30 million, driven by Shield volume of 45,000 to 50,000 tests.
    • Guardant Health continues to expect biopharma & data revenue growth to be in the low double-digit range.

    Guardant Health continues to expect full year 2025 non-GAAP gross margin to be in the range of 62% to 63%, compared to 62% in 2024. Guardant Health now expects total non-GAAP operating expenses to be in the range of $830 to $840 million, an increase compared to the prior range of $815 to $825 million due to the reinvestment of incremental Screening gross profit to accelerate the Screening commercial infrastructure build out. Guardant Health continues to expect free cash flow burn to be in the range of $225 to $235 million, an improvement compared to $275 million for the full year 2024. This includes approximately $200 million of screening net cash burn. Guardant Health continues to expect the remainder of the business excluding screening to reach free cash flow breakeven in the fourth quarter of 2025.

    Webcast Information

    Guardant Health will host a conference call to discuss the first quarter 2025 financial results after market close on Wednesday, April 30, 2025 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at http://investors.guardanthealth.com. The webcast will be archived and available for replay for at least 90 days after the event.

    Non-GAAP Measures

    Guardant Health has presented in this release certain financial information in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also on a non-GAAP basis, including non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP research and development expense, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss per share, basic and diluted, adjusted EBITDA, and free cash flow.

    We define our non-GAAP measures as the applicable GAAP measure adjusted for the impacts of stock-based compensation and related employer payroll tax payments, contingent consideration, amortization of intangible assets, unrealized gains and losses on marketable equity securities, impairment of non-marketable equity securities, gain on extinguishment of convertible notes, and other non-recurring items.

    Adjusted EBITDA is defined as net loss adjusted for interest income; interest expense; other income (expense), net; provision for income taxes; depreciation and amortization expense; stock-based compensation expense and related employer payroll tax payments; contingent consideration; and other non-recurring items. Free cash flow is defined as net cash used in operating activities in the period less purchases of property and equipment in the period.

    We believe that the exclusion of certain income and expenses in calculating these non-GAAP financial measures can provide a useful measure for investors when comparing our period-to-period core operating results, and when comparing those same results to that published by our peers. We exclude certain items because we believe that these income and expenses do not reflect expected future operating performance. Additionally, certain items are inconsistent in amounts and frequency, making it difficult to perform a meaningful evaluation of our current or past operating performance. We use these non-GAAP financial measures to evaluate ongoing operations, for internal planning and forecasting purposes, and to manage our business.

    These non-GAAP financial measures are not intended to be considered in isolation from, as substitute for, or as superior to, the corresponding financial measures prepared in accordance with GAAP. There are limitations inherent in non-GAAP financial measures because they exclude charges and credits that are required to be included in a GAAP presentation, and do not present the full measure of our recorded costs against its revenue. In addition, our definition of the non-GAAP financial measures may differ from non-GAAP measures used by other companies.

    About Guardant Health

    Guardant Health is a leading precision oncology company focused on guarding wellness and giving every person more time free from cancer. Founded in 2012, Guardant is transforming patient care and accelerating new cancer therapies by providing critical insights into what drives disease through its advanced blood and tissue tests, real-world data and AI analytics. Guardant tests help improve outcomes across all stages of care, including screening to find cancer early, monitoring for recurrence in early-stage cancer, and treatment selection for patients with advanced cancer. For more information, visit guardanthealth.com and follow the company on LinkedIn, X (Twitter) and Facebook.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health's liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health's financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2024, and in its other reports filed with or furnished to the Securities and Exchange Commission thereafter. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health's views as of any date subsequent to the date of this press release.

     

    Guardant Health, Inc.

    Condensed Consolidated Statements of Operations

    (unaudited)

    (in thousands, except per share data)

     

     

    Three Months Ended March 31,

     

     

    2025

     

     

     

    2024

     

     

     

     

     

    Revenue

    $

    203,471

     

     

    $

    168,491

     

    Costs and operating expenses:

     

     

     

    Cost of revenue

     

    74,723

     

     

     

    65,296

     

    Research and development expense

     

    88,521

     

     

     

    83,802

     

    Sales and marketing expense

     

    104,316

     

     

     

    80,425

     

    General and administrative expense

     

    46,952

     

     

     

    38,651

     

    Total costs and operating expenses

     

    314,512

     

     

     

    268,174

     

    Loss from operations

     

    (111,041

    )

     

     

    (99,683

    )

    Interest income

     

    9,112

     

     

     

    14,868

     

    Interest expense

     

    (791

    )

     

     

    (645

    )

    Other income (expense), net

     

    7,851

     

     

     

    (29,120

    )

    Loss before provision for income taxes

     

    (94,869

    )

     

     

    (114,580

    )

    Provision for income taxes

     

    290

     

     

     

    405

     

    Net loss

    $

    (95,159

    )

     

    $

    (114,985

    )

    Net loss per share, basic and diluted

    $

    (0.77

    )

     

    $

    (0.94

    )

    Weighted-average shares used in computing net loss per share, basic and diluted

     

    123,871

     

     

     

    121,712

     

    Guardant Health, Inc.

    Condensed Consolidated Balance Sheets

    (unaudited)

    (in thousands, except share and per share data)

     

     

    March 31, 2025

     

    December 31, 2024

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    698,572

     

     

    $

    525,540

     

    Short-term marketable debt securities

     

    —

     

     

     

    314,438

     

    Accounts receivable, net

     

    115,426

     

     

     

    110,253

     

    Inventory, net

     

    77,256

     

     

     

    71,083

     

    Prepaid expenses and other current assets, net

     

    35,772

     

     

     

    33,800

     

    Total current assets

     

    927,026

     

     

     

    1,055,114

     

    Restricted cash

     

    105,281

     

     

     

    104,215

     

    Property and equipment, net

     

    129,294

     

     

     

    136,813

     

    Right-of-use assets, net

     

    140,500

     

     

     

    142,265

     

    Intangible assets, net

     

    6,280

     

     

     

    6,760

     

    Goodwill

     

    3,290

     

     

     

    3,290

     

    Other assets, net

     

    32,555

     

     

     

    37,152

     

    Total Assets

    $

    1,344,226

     

     

    $

    1,485,609

     

    LIABILITIES AND STOCKHOLDERS' DEFICIT

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    49,770

     

     

    $

    38,551

     

    Accrued compensation

     

    63,678

     

     

     

    83,219

     

    Accrued expenses

     

    76,003

     

     

     

    68,345

     

    Deferred revenue

     

    36,302

     

     

     

    35,468

     

    Total current liabilities

     

    225,753

     

     

     

    225,583

     

    Convertible senior notes, net, principal amount of $1,090,660 and $1,150,000 as of March 31, 2025 and December 31, 2024, respectively

     

    1,116,339

     

     

     

    1,142,547

     

    Long-term operating lease liabilities

     

    160,378

     

     

     

    164,292

     

    Other long-term liabilities

     

    92,545

     

     

     

    92,834

     

    Total Liabilities

     

    1,595,015

     

     

     

    1,625,256

     

    Stockholders' deficit:

     

     

     

    Common stock, par value of $0.00001 per share; 350,000,000 shares authorized; 124,623,517 and 123,994,006 shares issued as of March 31, 2025 and December 31, 2024; and 123,647,166 and 123,994,006 shares outstanding as of March 31, 2025 and December 31, 2024, respectively

     

    1

     

     

     

    1

     

    Treasury stock, at cost, 976,351 shares as of March 31, 2025

     

    (45,010

    )

     

     

    —

     

    Additional paid-in capital

     

    2,472,272

     

     

     

    2,443,788

     

    Accumulated other comprehensive loss

     

    (4,658

    )

     

     

    (5,201

    )

    Accumulated deficit

     

    (2,673,394

    )

     

     

    (2,578,235

    )

    Total Stockholders' Deficit

     

    (250,789

    )

     

     

    (139,647

    )

    Total Liabilities and Stockholders' Deficit

    $

    1,344,226

     

     

    $

    1,485,609

     

    Guardant Health, Inc.

    Supplemental Revenue Information

    (unaudited)

    (in thousands)

     

     

     

    Three Months Ended March 31,

     

     

     

    2025

     

     

     

    2024

     

     

     

     

    Oncology

     

    $

    150,559

     

    $

    125,748

    Biopharma and data

     

     

    45,376

     

     

     

    37,587

     

    Screening

     

     

    5,677

     

     

     

    —

     

    Licensing and other

     

     

    1,859

     

     

     

    5,156

     

    Total revenue

     

    $

    203,471

     

     

    $

    168,491

     

    Reconciliation of Selected GAAP Measures to Non-GAAP Measures

    (unaudited)

    (in thousands, except per share data)

     

     

    Three Months Ended March 31,

     

     

    2025

     

     

     

    2024

     

     

     

     

     

    GAAP cost of revenue

    $

    74,723

     

     

    $

    65,296

     

    Amortization of intangible assets

     

    (148

    )

     

     

    (349

    )

    Stock-based compensation expense and related employer payroll tax payments

     

    (2,390

    )

     

     

    (1,777

    )

    Non-GAAP cost of revenue

    $

    72,185

     

     

    $

    63,170

     

     

     

     

     

    GAAP gross profit

    $

    128,748

     

     

    $

    103,195

     

    Amortization of intangible assets

     

    148

     

     

     

    349

     

    Stock-based compensation expense and related employer payroll tax payments

     

    2,390

     

     

     

    1,777

     

    Non-GAAP gross profit

    $

    131,286

     

     

    $

    105,321

     

     

     

     

     

    GAAP research and development expense

    $

    88,521

     

     

    $

    83,802

     

    Stock-based compensation expense and related employer payroll tax payments

     

    (13,090

    )

     

     

    (10,064

    )

    Contingent consideration

     

    (534

    )

     

     

    (375

    )

    Non-GAAP research and development expense

    $

    74,897

     

     

    $

    73,363

     

     

     

     

     

    GAAP sales and marketing expense

    $

    104,316

     

     

    $

    80,425

     

    Stock-based compensation expense and related employer payroll tax payments

     

    (10,189

    )

     

     

    (7,329

    )

    Non-GAAP sales and marketing expense

    $

    94,127

     

     

    $

    73,096

     

     

     

     

     

    GAAP general and administrative expense

    $

    46,952

     

     

    $

    38,651

     

    Amortization of intangible assets

     

    (332

    )

     

     

    (336

    )

    Stock-based compensation expense and related employer payroll tax payments

     

    (13,571

    )

     

     

    (8,164

    )

    Contingent consideration

     

    (490

    )

     

     

    (120

    )

    Non-recurring other operating expense

     

    (2,000

    )

     

     

    —

     

    Non-GAAP general and administrative expense

    $

    30,559

     

     

    $

    30,031

     

     

     

     

     

    GAAP loss from operations

    $

    (111,041

    )

     

    $

    (99,683

    )

    Amortization of intangible assets

     

    480

     

     

     

    685

     

    Stock-based compensation expense and related employer payroll tax payments

     

    39,240

     

     

     

    27,334

     

    Contingent consideration

     

    1,024

     

     

     

    495

     

    Non-recurring other operating expense

     

    2,000

     

     

     

    —

     

    Non-GAAP loss from operations

    $

    (68,297

    )

     

    $

    (71,169

    )

     

     

     

     

    GAAP net loss

    $

    (95,159

    )

     

    $

    (114,985

    )

    Amortization of intangible assets

     

    480

     

     

     

    685

     

    Stock-based compensation expense and related employer payroll tax payments

     

    39,240

     

     

     

    27,334

     

    Contingent consideration

     

    1,024

     

     

     

    495

     

    Non-recurring other operating expense

     

    2,000

     

     

     

    —

     

    Unrealized losses on marketable equity securities

     

    —

     

     

     

    30,054

     

    Impairment of non-marketable equity securities and other related assets

     

    5,000

     

     

     

    —

     

    Gain on extinguishment of convertible notes

     

    (13,672

    )

     

     

    —

     

    Non-GAAP net loss

    $

    (61,087

    )

     

    $

    (56,417

    )

     

     

     

     

    GAAP net loss per share, basic and diluted

    $

    (0.77

    )

     

    $

    (0.94

    )

    Non-GAAP net loss per share, basic and diluted

    $

    (0.49

    )

     

    $

    (0.46

    )

    Weighted-average shares used in computing GAAP and Non-GAAP net loss per share, basic and diluted

     

    123,871

     

     

     

    121,712

     

    Reconciliation of GAAP Net Loss to Adjusted EBITDA

    (unaudited)

    (in thousands)

     

     

    Three Months Ended March 31,

     

     

    2025

     

     

     

    2024

     

     

     

     

     

    GAAP net loss

    $

    (95,159

    )

     

    $

    (114,985

    )

    Interest income

     

    (9,112

    )

     

     

    (14,868

    )

    Interest expense

     

    791

     

     

     

    645

     

    Other expense (income), net

     

    (7,851

    )

     

     

    29,120

     

    Provision for income taxes

     

    290

     

     

     

    405

     

    Depreciation and amortization

     

    10,236

     

     

     

    10,712

     

    Stock-based compensation expense and related employer payroll tax payments

     

    39,240

     

     

     

    27,334

     

    Contingent consideration

     

    1,024

     

     

     

    495

     

    Non-recurring other operating expense

     

    2,000

     

     

     

    —

     

    Adjusted EBITDA

    $

    (58,541

    )

     

    $

    (61,142

    )

    Reconciliation of Free Cash Flow to Net Cash Used in Operating Activities

    (unaudited)

    (in thousands)

     

     

    Three Months Ended March 31,

     

     

    2025

     

     

     

    2024

     

     

     

     

     

    Net cash used in operating activities

    $

    (62,689

    )

     

    $

    (30,284

    )

    Purchases of property and equipment

     

    (4,459

    )

     

     

    (6,934

    )

    Free cash flow

    $

    (67,148

    )

     

    $

    (37,218

    )

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250430649716/en/

    Investor Contact:

    Zarak Khurshid

    [email protected]

    Media Contact:

    Meaghan Smith

    [email protected]

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    $GH

    DatePrice TargetRatingAnalyst
    4/10/2025$55.00Outperform
    Mizuho
    1/23/2025$60.00Overweight
    Barclays
    6/28/2024$36.00Neutral → Buy
    Guggenheim
    6/3/2024$32.00Buy
    Jefferies
    4/24/2024$28.00Buy
    Craig Hallum
    12/14/2023Neutral
    Guggenheim
    12/13/2023Peer Perform
    Wolfe Research
    11/13/2023$27.00Mkt Perform → Outperform
    Raymond James
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